237862102 Indian Eyewear Retail Industry Report

`
Indian Eyewear Retail Industry Report

Report May 2013
This document has been prepared by Shilpa Bhattar and Kaustubh

Reevolv Advisory Services
Kulkarni. For any queries or detailed information contact us on
Private Limited
+91 22- 60022001 or email at research@reevolv.in
Table of Contents
Particulars Page Nos.
1. Executive Summary 5
2. Eyewear Industry Overview
2.1. Industry Overview 6
2.2. Market Opportunity 7
2.3. Growth Drivers 8
3. Business Dynamics
3.1. Eyewear Products Category 11
3.2. Key Characteristics of Eyewear products 12
3.3. Business Model 14
3.4. Typical Unit Economics for Eyewear Retail 21
3.5. Consumer Insights 22
3.6. Buying Criteria 24
3.7. Porters Five Forces Model 27
3.8. Key Success Factors of Eyewear Retail Industry 30
3.9. Key Challenges of Eyewear Retail industry 31
4. Primary Surveys / Interviews
4.1. Interviews 33
4.2. Consumer surveys 38
5. City wise – Key players and Number of outlets
5.1. Tier 1 Cities 42
5.4. Other Cities 47
2
6. Quantitative Information of players
6.1. Retail Shop 49
6.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses 52
6.3. Manufacturers – Contact Lenses 55
7. Financial Benchmarking of players
7.1. Retail Shop 56
7.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses 58
7.3. Manufacturer – Contact Lenses 59
8. Player Profiles – Eyewear Retail
8.1. Bon Ton Opticals 60
8.2. Foresight Vision Care 61
8.3. Gangar EyeNation 64
8.4. GKB Opticals 67
8.5. Himalaya Opticals 71
8.6. Lawrence & Mayo 81
8.7. Lens & Frames 87
8.8. Optical Palace 88
8.9. Shiva Vision Care 89
8.10. Sunaina 92
8.11. Sunglass Hut 93
8.12. Titan Eye+ 97
8.13. V. A. Mayekar 100
8.14. Vision 360o and GKB Optolabs 101
8.15. Vision Express 105
8.16. World Optix 109
3
9. Player Profiles – Manufacturer of Spectacle Lenses & Frames and

Sunglasses
9.1. Carl Zeiss 110
9.2. Essilor 112
9.3. Hoya 139
9.4. Luxottica 142
9.5. Safilo 148
10. Contact Lenses – Competitive Pricing 151
11. Player Profiles – Contact Lenses
11.1. Acuvue 152
11.2. Bausch + Lomb 153
11.3. Ciba Vision 157
12. Annexure: Ratios 158
4
1. Executive Summary
The growth of eyewear retail industry is result of increase in population, rising income levels, penetration
of the retail distribution network etc. The eyewear industry is following similar trends as observed in the
retail makeover in India. Over the years eyewear has changed from being a utility product for vision
correction to key fashion accessory. Increasingly eyewear is being perceived as reflective of one’s
personality.
The fast paced transition is witnessed by the eyewear industry in terms of changing customer choices,
preferences, shift of localized opticians to organized chain of retail outlets and influx of foreign eyewear
brands.
The size of the eyewear market in India was Rs. XX billion in 2011 of which spectacle frames and
prescription lenses constituted the largest percentage of XX% of the market followed by sunglasses
(XX%) and contact lens (XX%).
The key success factors of this industry are

 Quality of product and product portfolio
 Delivery time
 After sales service
However, as with any other industry, it is not without challenges. The scarcity of trained professionals is
the biggest challenge in the industry. This supply-demand gap is leading to an upward salary cost for
trained professionals coupled with higher attrition. The higher rentals in cities are acting as an impediment
to growth.
The findings of the survey conducted across cities and customer groups are as under:
 Consumers prefer using spectacles rather than contact lens
 People typically change their eyewear in around 2 years
 Price, geographical distance and brand are the top parameters for consumers to select a
eyewear retail outlet
 Comfort, Price and Style / Fashion / Design are the top parameters while buying eyewear
products
As per our estimates the market is expected to increase to Rs. XX billion in 2015 growing at a CAGR of
XX% per annum. Out of all the product categories, sunglass is the highest growing segment in India.
As per our estimates the share of organised market stood at XX% of the total eyewear retail market at Rs.
XX billion in 2011 which is expected to grow at XX% per annum and will reach to XX billion (XX% of the
overall market) in 2015E.
5
2. Eyewear Industry Overview
2.1. Industry Overview

2.2. Market Opportunity

The growth in eyewear retail in India is the result of increase in population, rising income levels,
penetration of the retail distribution network etc.
Total Market
The size of the eyewear market in India was Rs. XX billion in 2011 which is expected to increase
to Rs. XX billion in 2015 growing at a CAGR of XX % per annum.
Eyewear Retail Industry Size (2011–2015E)
% of total % of total CAGR%

Rs. In million 2011 2015E
market market (2010–15E)
Spectacle Frames and Prescription

Lenses
Contact Lenses
Sunglasses
Total Eyewear retail market
Spectacle frames and Prescription lenses
Contact Lens
Sunglasses
7
2.3. Growth Drivers

3. Business Dynamics
3.1. Eyewear Products Category
Spectacle Frames
Spectacle Lenses
Contact Lenses
Sunglasses
9
3.2. Key Characteristics of Eyewear Products

3.3. Business Model
Fig : Eyewear Industry Structure
3.3.1. Key functions of an Eyewear manufacturer are Design,

Manufacturing and Distribution
3.3.2. Brief Overview of Eyewear retail in India
3.3.3. Key Functions in an Eyewear Retail Business
Fig : Eyewear Retail Business Structure
3.3.4. Nature of Retail Eyewear industry
11
3.4. Typical Unit Economics for Eyewear Retail
Standalone Stores:
Description Estimates
Average Area
Average Revenue per Month
Raw Material (as a % of sales)
Salary cost per month (all employees) (INR)
Salary cost as a % of Sales (incl. commission)
Rent
Rent (as a % of sales)
Marketing (as a % of sales)
Other Administrative Cost (as a % of sales)
Operating Margin (as a % of sales)
Capex – Furniture and Fixtures
Capex – Equipments
Inventory Rental
Deposit Capital
employed ROCE
%
Source: Reevolv Research
12
Indian Eyewear Industry Report
3.5. Consumer Insights
3.6. Buying Criteria

3.7. Porters Five Forces Model
Diagram
No Five Forces Remarks Market Trends
1a. Power of Supplier
1b. Power of Supplier
2a. Availability of Substitutes
2b. Availability of Substitutes
3. Entry Barriers
4. Power of Customers
5. Competitive Rivalry
14
3.8. Key Success Factors for Eyewear Retail Industry

.
3.9. Key Challenges of Eyewear Retail Industry
15
4. Primary Surveys / Interviews
4.1. Interviews
Interviewer 1: Owner of retail shop
Questions Answers
Which is the fast moving item across all eyewear product categories?
What is the preferred price point of your customer?
What is the Turnaround time for product delivery?
What is the basic requirement of customer?
Do you return outdated products to the company/ distributor?
Do you have any warehouse?
To whom you contact for the products?
Do you charge for after sales services?
Do you have skilled staff?
If goods are damaged in transport then who bares the losses?
What is the competitive outlook?
What is the basis of choosing the shop location?
What techniques you use to increase your sales?
Which is the peak season of sale?
How do you recruit your staff?
Do you have experienced staff or fresher?
How do you train your staff?
Interviewer 2 : Store Manager (Standalone Retail Outlet)

Questions Answers
Do you have any warehouse for quick service?
From where do you source products?
What is the Turnaround time for product delivery?
What do you do with outdated products?
How do you retain your customers?
Do you get credit from your supplier? If yes then for what period?
What is the criterion for recruiting your staff?
How do you train employees?
Do companies approach you for brand specific displays?
Which media do you prefer for advertisements?
16
Interviewer 3 : Store Manager (Standalone Retail Outlet)

Questions Answers
In how much time you deliver the product?
What are credit policies of suppliers?
What are the prevalent operating margins?
How do you select location for the outlet?
Do you have regular and repeat customers?
What is the price range of eyewear preferred by customers?
Are premium brands acceptable by customers?
Is it necessary to have an optometrist in a shop?
Interviewer 4 : Store Manager (Organized Eyewear Retail)

Questions Answers
Which is the fast moving item across all eyewear product categories?
What you do with outdated products?
Which is the highest contributing brand in terms of revenue?
Do you offer any discounts?
Do you have skilled man power to give after sales services?
Is there any market research done by your company while selecting the location of your store?
Do you have repeat customers?
Is there any seasonality in this business?
What promotional activities do you do to increase sales?
How you recruit your staff?
Which media you prefer for your advertisement?
What is the revenue break of eyewear products?
17
Interviewer 5 : Store Manager (Organized Eyewear Retail)

Questions Answers
What is the preferred price range of customer?
What do you do with outdated products?
What is conversion ratio from footfalls to customer?
What if customer demands brand other than your stock?
Do you suggest any brands to customers?
Do you have skilled man power to give after sales services?
What is the nature of competition?
Which is peak season of sale?
Is your staff experienced or fresher’s?
Which media do you prefer for your advertisement?
What is the incentive for employees?
What is the salary range of staff?
Interviewer 6 : Distributor – Sunglasses, Spectacle Frames and Contact lenses

Questions Answers
What are your thoughts on eyewear retail industry?
Why are branded products important?
Who are the market leaders in various product categories of eyewear industry?
What is the investment required to start an eyewear retail store?
What is the payback period for the eyewear retailer?
What are the margins across eyewear products for a retailer?
Who provides training on eyewear?
Is there any minimum order quantity the retailer has to order?
What is the delivery period once the order is placed by the retailer?
What is the credit period you offer?
What is the stock return policy?
How does the pricing work in eyewear industry?
How does the prescription lens market work? What is the margin for retailer?
What is the delivery time for prescription lens?
What type of prescription lenses are preferred by the customer?
Within how much time frame do customers change their eyewear?
Is there any need to change frames after every two years?
Does the retailer need to maintain stock of contact lenses?
Do contact lens manufacturer take stock returns?

What is the typical margin for the retailer in contact lenses?
What is the benefit of selling of contact lenses?
18
4.2. Consumer Surveys
Preamble
1. Percentage of respondents requiring vision 2. Eyewear preferences for vision correction

correction
Pie Diagram Pie Diagram

3. Preferences for eye check up
Pie Diagram
4. Eyewear usage pattern (Spectacles & Contact 5. Eyewear usage pattern (Sun Glasses)
lenses)
Bar Chart Pie Diagram

6. Preferred price range for eyewear (per annum)
Bar Chart
7. Retail outlet preferences 8. Preferences for type of eyewear products
Bar Chart Bar Chart

9. Replacement frequency of eyewear 10. Replacement frequency of eyewear
(Contact lenses) (Spectacles and Sun Glasses)
Pie Diagram Bar Chart

11. Reasons to select retail outlets for purchase of eyewear
Pie Diagram
12. Parameters while buying eyewear products
Pie Diagram
19
5. City-Wise Number of Outlets of Key Players
5.1. Tier 1 Cities

Hima Lawr- Suna-
Bo Vision Opti- Shiva Sungl V.A. Vision Worl
Regio Fore- Gan- -laya ence ina Titan
Cities State n GKB cal Vision -ass May- Expr- d KSR Total
n Ton
sight gar 360o Opti- &
Palace Care
Optic-
Hut
Eye +
ekar ess Optix
cals Mayo ans
NCR NCR North

Ban-
KAR South
galore
Chennai TN South
Hyd-
AP South
erabad
Kolkata WB East
Mumbai MAH West
Pune MAH West
Ahm-
GUJ West
adabad
Total
20
5.2. Tier 2 Cities
Vision Himalaya Lawrence Lens & Sunglass Titan Vision

Cities State Region GKB Total
360o Opticals & Mayo Frames Hut Eye + Express
Agra UP North
Allahabad UP North
Kanpur UP North
Lucknow UP North
Varanasi UP North
Amritsar PUN North
Ludhiana PUN North
Chandigarh CHD North
Coimbatore TN South
Madurai TN South
Kochi KER South
Kollam KER South
Kozhikode KER South
Thiruvananthapuram KER South
Thrissur KER South
Vijayawada AP South
Visakhapatnam AP South
Asansol WB East
Dhanbad JHK East
Jamshedpur JHK East
Ranchi JHK East
Patna BHR East
Raipur CHH East
Bhopal MP West
Gwalior MP West
Indore MP West
21
Vision Himalaya Lawrence Lens & Sunglass Titan Vision

Cities State Region GKB Total
360o Opticals & Mayo Frames Hut Eye + Express
Jabalpur MP West
Jaipur RAJ West
Nagpur MAH West
Nashik MAH West
Aurangabad MAH West
Rajkot GUJ West
Surat GUJ West
Vadodara GUJ West
Total
22
5.3. Tier 3 Cities

Lawr- Sunaina
Vision Himalaya Lens & Optical Titan Vision
Cities State Region Foresight GKB ence & Opticia- Total
360o Opticals Frames Palace Eye + Express
Mayo ns
Dehradun UKH North
Moradabad UP North
Saharanpur UP North
Gorakhpur UP North
Jalandhar PUN North
Jammu J&K North
Belgaum KAR South
Gulbarga KAR South
Hubli KAR South
Mangalore KAR South
Mysore KAR South
Erode TN South
Puducherry PUD South
Tiruppur TN South
Guntur AP South
Bhubaneswar ODS East
Cuttack ODS East
Raurkela ODS East
Bokaro JHK East
Siliguri WB East
Durgapur WB East
Guwahati ASM East
Ujjain MP West
23
Lawr- Sunaina
Vision Himalaya Lens & Optical Titan Vision
Cities State Region Foresight GKB ence & Opticia- Total
360o Opticals Frames Palace Eye + Express
Mayo ns
Kolhapur MAH West
Bhavnagar GUJ West
Jamnagar GUJ West
Total
24
5.4. Other Cities

Vision GKB Himalaya Lens & Sunaina Titan Eye Vision
Cities State Region L&M
360o Optolabs Opticals Frames Opticians + Express
Ambala HAR North

Rohtak HAR North
Patiala PUN North
Bhatinda PUN North
Kurnool AP South
Chikmagalur KAR South
Davanagere KAR South
Shimoga KAR South
Tumkur KAR South
Udupi KAR South
Hosur TN South
Tirunelveli TN South
Alappuzha KER South
Aluza KER South
Kolenchery KER South
Kottayam KER South
Thiruvalla KER South
Palakkad KER South
Bhagalpur BHR East
Agartala TPR East
Balasore ODS East
Barrackpore WB East
Burdwan WB East
Serampore WB East
25
Vision GKB Himalaya Lens & Sunaina Titan Eye Vision

Cities State Region L&M Total
360o Optolabs Opticals Frames Opticians + Express
Chinsurah WB East
Bhilai CHH East
Bilaspur CHH East
Dimapur NAG East
Shillong MEG East
Calangute GOA West
Cavelossim GOA West
Verca GOA West
Mapusa GOA West
Margao GOA West
Nuvem GOA West
Panaji GOA West
Porvorim GOA West
Ponda GOA West
Porvorim GOA West
Betalbatim GOA West
Valsad GUJ West
Vapi GUJ West
Gandhidham GUJ West
Anand GUJ West
Total
Source : Company Website and Reevolv Research
Abbreviations
AP Andhra Pradesh GOA Goa KAR Karnataka NAG Nagaland
ASM Assam GUJ Gujarat KER Kerala NCR National Capital Region
BHR Bihar HAR Haryana MAH Maharashtra ODS Odisha
CHD Chandigarh J&K Jammu & Kashmir MEG Meghalaya PUD Puducherry
CHH Chhattisgarh JHK Jharkhand MP Madhya Pradesh PUN Punjab
26
6. Quantitative information of players
6.1. Retail Shop

2010 2011 2012
Company
Category Products Units Value Value Value
Name Rs/unit
Volumes Rs/unit Volumes Rs/unit Volumes
(Rs ‘000) (Rs ‘000) (Rs ‘000)
6.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses
2010 2011 2012

Company Installed
Category Products Units
Name Capacity Value Value Value
Volumes Rs/unit Volumes Rs/unit Volumes Rs/unit
(Rs ‘000) (Rs ‘000) (Rs ‘000)
6.3. Manufacturers – Contact Lenses

2010 2011 2012
Company Installed
Category Products Units Value Value Value
Name Capacity Rs/unit
Volumes Rs/unit Volumes Rs/unit Volumes
(Rs ‘000) (Rs ‘000) (Rs ‘000)
Source - Company Filings and Reevolv Research
27
7. Financial Benchmarking of players
7.1. Retail Shop

2011 2012
Eyewear Working Working

No Total EBITDA ROCE capital Asset Total EBITDA ROCE capital Asset
Retail PAT % ROE % PAT % ROE %
Revenues % % Turnover Turnover Revenues % % Turnover Turnover
Ratio Ratio
7.2. Manufacturer - Spectacle Lenses & Frames and Sunglasses

2011 2012
Manufacturer
of Spectacle Working Working
No Lenses & Total EBITDA ROCE capital Asset Total EBITDA ROCE capital Asset
Frames and PAT % ROE % PAT % ROE %
Revenues % % Turnover Turnover Revenues % % Turnover Turnover
Sunglasses Ratio Ratio
7.3. Manufacturer - Contact Lenses

2011 2012
Working Working
No Contact Total EBITDA ROCE capital Asset Total PAT ROCE capital Asset
PAT % ROE % EBITDA % ROE %
Lenses Revenues % % Turnover Turnover Revenues % % Turnover Turnover
Ratio Ratio
Source – Company Filings and Reevolv Research
28
8. Player Profiles – Retail Shop
8.1.
8.1.1. Overview
Description
Company Name
Profile
Promoters Name
Year of Inception
Total No. of outlets
Future Plans
Source – Company Website and Reevolv Research
8.1.2. Locations
Northern Region
Exclusive Stores
Main Cities
29
8.1.3. Financials - wherever company filings are available
Balance Sheet as at 31st March (Rs. Mn)

FY2008 FY2009 FY2010 FY2011 FY2012
Share Capital
Reserves & Surplus
Shareholders’ funds
Secured Loan
Unsecured Loan
Loan Funds
Deferred Tax Liability
Total Liabilities
Gross Block
Net Block
Capital Work in Progress
Investments
Inventories
Debtors
Other Current Assets
Total Current Assets & Advances
Current Liabilities
Provisions
Total Current Liabilities & Provisions
Net Working Capital excl. Cash & Bank
Cash & Bank
Net Working Capital incl. Cash & Bank
Total Assets
Source : Company Filings
30
Key Ratios FY2008 FY2009 FY2010 FY2011 FY2012

Expenditure Ratios
Cost of Material Consumed as a % of Total Revenues
Personnel Expenses as a % of Total Revenues
Administrative Expenses as a % of Total Revenues
Selling & Distribution as a % of Total Revenues
Profitability Ratios
EBITDA %
EBIT %
PBT %
PAT %
Return Ratios
ROCE %
ROE %
Financial Ratios
Capital Employed
Total Debt/ Net Worth
Secured Debt/ Net Worth
Total Debt to EBITDA
Turnover Ratios
Working Capital Turnover Ratio
Net Fixed Assets Turnover Ratio
Inventory Days
Debtors Days
DuPont Analysis
EBIT/ Total Income
PAT/EBIT
PAT/ Total Income
Total Assets/ Net Worth
Total Income/ Total Assets
Source: Company Filings and Reevolv Research
31
9. Player Profiles – Manufacturer of Spectacle Lenses & Frames and

Sunglasses
9.1.
9.1.1. Overview
Description
Company Name
Profile
Promoters Name
Year of Inception
Future Plans
32
9.1.2. Financials - wherever company filings are available

FY2008 FY2009 FY2010 FY2011 FY2012
Share Capital
Reserves & Surplus
Secured Loan
Unsecured Loan
Loan Funds
Total Liabilities
Gross Block
Net Block
Investments
Inventories
Debtors
Current Liabilities
Provisions
Cash & Bank
Total Assets
33

Expenditure Ratios
EBITDA %
EBIT %
PBT %
PAT %
Return Ratios
ROCE %
ROE %
Financial Ratios
Capital Employed
Turnover Ratios
Inventory Days
Debtors Days
DuPont Analysis
EBIT/ Total Income
PAT/EBIT
PAT/ Total Income
34
10. Contact Lenses – Competitive Pricing
Acuvue – Johnson & Johnson Bausch + Lomb Ciba Vision – Novartis
Daily Disposable
Price per box
No of lens per box
Monthly expenditure
Fortnightly
Price per box
No of lens per box
Monthly expenditure
Monthly
Price per box
No of lens per box
Monthly expenditure
Annual
Price per box
No of lens per box
Monthly expenditure
Astigmatism
Replacement schedule
Price per box
No of lens per box
Monthly expenditure
35
11. Player Profiles - Contact Lenses
11.1.
11.1.1. Overview
Description
Company Name
Profile
Promoters Name
Year of Inception
Future Plans
11.1.2. Product Segments – Brands wise

Product Brands
36
11.1.3. Financials – wherever company filings are available

FY2008 FY2009 FY2010 FY2011 FY2012
Share Capital
Reserves & Surplus
Secured Loan
Unsecured Loan
Loan Funds
Total Liabilities
Gross Block
Net Block
Investments
Inventories
Debtors
Current Liabilities
Provisions
Cash & Bank
Total Assets
37

Expenditure Ratios
EBITDA %
EBIT %
PBT %
PAT %
Return Ratios
ROCE %
ROE %
Financial Ratios
Capital Employed
Turnover Ratios
Inventory Days
Debtors Days
DuPont Analysis
EBIT/ Total Income
PAT/EBIT
PAT/ Total Income
38
12. Annexure: Ratios
Key Ratios
Cost of Material Consumed
Cost of Material Consumed % X 100
Total Revenues
Personnel Expenses
Personnel Expenses % X 100
Total Revenues
Selling & Distribution Expenses
Selling & Distribution Expenses % X 100
Total Revenues
Administrative Expenses
Administrative Expenses % X 100
Total Revenues
EBITDA Total
EBITDA % X 100
Revenues
EBIT
EBIT % X 100
Total Revenues
PBT
PBT % X 100
Total Revenues
PAT
PAT % X 100
Total Revenues
EBIT Capital
ROCE % X 100
Employed
PAT
ROE % X 100
Net Worth
Total of Asset / Liabilities
Capital Employed (Liabilities=Shareholders funds + Loan Funds +
Deferred Tax + Minority Interest)
Total Revenues
Net Current Assets excl Cash Bank
Total Revenues
Net Fixed Assets Turnover Ratio (Net Fixed Assets excl Capital Work in Progress)
Inventory
Inventory Days (Cost of Material Consumed or Cost of material + X 365
Manufacturing Cost wherever available)
Debtors
Debtors Days X 365
Total Revenues
39
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We service our clients in their constant re-evolution process through our in-depth industry research,
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Founded in 2008, Reevolv is a team of CAs, MBAs and Engineers with functional and industry expertise
and diverse background of investment banking and management consulting.
Disclaimer
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`

Indian Eyewear Retail Industry Report

This document has been prepared by Shilpa Bhattar and Kaustubh

Particulars Page Nos.

2. Eyewear Industry Overview

2.1. Industry Overview 6

2.2. Market Opportunity 7

2.3. Growth Drivers 8

3.1. Eyewear Products Category 11

3.2. Key Characteristics of Eyewear products 12

3.3. Business Model 14

3.4. Typical Unit Economics for Eyewear Retail 21

3.5. Consumer Insights 22

3.6. Buying Criteria 24

3.7. Porters Five Forces Model 27

3.8. Key Success Factors of Eyewear Retail Industry 30

3.9. Key Challenges of Eyewear Retail industry 31

4. Primary Surveys / Interviews

4.2. Consumer surveys 38

5. City wise – Key players and Number of outlets

5.1. Tier 1 Cities 42

5.2. Tier 2 Cities 43

5.3. Tier 3 Cities 45

5.4. Other Cities 47

6. Quantitative Information of players

6.1. Retail Shop 49

6.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses 52

6.3. Manufacturers – Contact Lenses 55

7. Financial Benchmarking of players

7.1. Retail Shop 56

7.2. Manufacturers – Spectacle Lenses & Frames and Sunglasses 58

7.3. Manufacturer – Contact Lenses 59

8. Player Profiles – Eyewear Retail

8.1. Bon Ton Opticals 60

8.2. Foresight Vision Care 61

8.3. Gangar EyeNation 64

8.4. GKB Opticals 67

8.5. Himalaya Opticals 71

8.6. Lawrence & Mayo 81

8.7. Lens & Frames 87

8.8. Optical Palace 88

8.9. Shiva Vision Care 89

8.11. Sunglass Hut 93

8.12. Titan Eye+ 97

8.13. V. A. Mayekar 100

8.14. Vision 360o and GKB Optolabs 101

8.15. Vision Express 105

8.16. World Optix 109

9. Player Profiles – Manufacturer of Spectacle Lenses & Frames and

9.1. Carl Zeiss 110

9.2. Essilor 112

9.3. Hoya 139

9.4. Luxottica 142

9.5. Safilo 148

10. Contact Lenses – Competitive Pricing 151

11. Player Profiles – Contact Lenses

11.1. Acuvue 152

11.2. Bausch + Lomb 153

11.3. Ciba Vision 157

12. Annexure: Ratios 158

The key success factors of this industry are

2. Eyewear Industry Overview

2.1. Industry Overview

2.2. Market Opportunity